Aptos still has decent gains despite trading in a red zone the previous day. The potential Solana murderer, Aptos, was launched in October. It has seen huge trading volumes within the first few trading day. This weekend saw the price of an APT token rise by over thirty percent. The price of one APT token rose more than 30 percent from $7 on Sunday to $10.25 by Sunday, Oct 23.
There has been an upward trend in APT’s price, and it settled at $8.89 press time. There’s no telling where Aptos will go from here. Aptos still has decent profit margins from its launch date despite the 1.46% drop.
Aptos’s Top-50 Coin Positioned Despite Criticism
The Aptos Team was present on October 17. announcedTheir mainnet was launched successfully. After that, APT tokens were made freely available on several cryptocurrency trading platforms. The token didn’t take much time to position itself as a top-50 coin on CoinMarketCap. Aptos landed at 47th place with an inventory of 130,000,000.00 coins and a market capitalization $1,178.169,163.
Aptos was subject to volatility during its launch, despite numerous criticisms coming from crypto traders and others. Twitter criticized the initiative, stating the chain’s 7 TPS is considerably below the 130k TPS promised before launch. Concerns about tokenomics were raised by traders. It slightly favors developers and private investors who have a huge 50% share of token supply, and currently retain 80%.Source: APTUSD chart on TradingView.com
Furthermore, the project has been met with many scam airdrops, resulting in the team muting the token’s Discord server. The project’s founder, Mo Shaikh, defended it on Twitter by saying, “building a decentralized protocol from the ground up is tough!” However, as we all know, you never get a second chance to make a good first impression.
Aptos Trading Red On The Day. More Negative Trends In Ahead
Aptos’ current trend is bearish. Aptos trades at $8.93 and has lost 3.88% since the writing of this article. Wu Blockchain says the major reason Aptos is losing 3.88% against the US dollar, trading at $8.93. A negative rate is a sign of bearish sentiments and long-sellers will be compensated.
These negative financing rates could be caused by active hedging. This comes after Aptos’ engineers revealed a lack of knowledge of some blockchain processes, such as the Sybil attack. APT experienced a dramatic increase in selling prices after an unanticipated airdrop. This led to the creation and maintenance of short positions.
As funding rates become blatantly negative, short liquidations often occur, leading to a “short squeeze” or unexpected bounce. There’s no telling where the Aptos price will face next. The price has encountered resistance at the $9.17 level today, and it looks like it will test the level again before trading closes.
Featured image taken from Pixabay. Chart from TradingView.com